8-4-2025 – A groundbreaking joint study by Boston Consulting Group and Ripple forecasts that tokenised financial instruments could revolutionise global markets, potentially reaching $18.9 trillion by 2033. The research suggests this nascent sector is approaching a watershed moment in its development.
The analysis presents three potential trajectories, with the middle-ground projection reflecting a remarkable 53% compound annual growth rate. This sits betwixt a more cautious $12 trillion estimate and an ambitious $23.4 trillion outlook.
JPMorgan’s Kinexys platform exemplifies this transformation, having already facilitated more than $1.5 trillion in tokenised transactions. Similarly, BlackRock’s innovative money market fund, BUIDL, has amassed nearly $2 billion in assets, increasingly integrated into decentralised finance protocols.
Early success stories have emerged in government securities, particularly US Treasuries, where corporate treasurers can now seamlessly deploy idle capital round-the-clock through digital wallets, bypassing traditional intermediaries. The private credit sector has witnessed particular innovation, democratising access to historically exclusive markets whilst enhancing pricing transparency.
However, the path to widespread adoption faces notable hurdles. Industry experts highlight concerns regarding fragmented infrastructure, limited cross-platform compatibility, and inconsistent regulatory frameworks across jurisdictions. Whilst nations like Switzerland and Singapore have established comprehensive legal structures, major economies including India and China maintain more restrictive stances.
The implementation costs vary significantly, with targeted tokenisation initiatives requiring modest $2 million investments, whilst comprehensive institutional integrations may command up to $100 million. Nevertheless, the potential cost savings across bond issuance, real estate fund tokenisation, and collateral management present compelling incentives for adoption.
ABN AMRO’s Digital Assets Programme Manager, Martijn Siebrand, notes the convergence of technological readiness, evolving regulation, and proven market applications. However, Euroclear’s global head of innovation, Jorgen Ouaknine, cautions that without coordinated industry action, the sector risks recreating the very inefficiencies it seeks to eliminate.
